The current mortgage market is flooded with lender's competing to offer a variety of mortgage products. Several lenders offer attractive loans or combination of loans to finance a consumer's desired purchase of products or properties. Computerized systems and methods have also been created to provide potential borrower's customized mortgage loans that meet their changing needs and different financial goals.
Existing systems and methods however, rely on a consumer's desired loan amount, based on which, along with other criteria, a loan is customized. There is no system or method that reverses the search process, wherein a consumer simply need provide information regarding monthly payment and down payment information on either a desired product or property set, and a result is obtained. There is also no system or method that matches a consumer profile with lenders and product or property sets available.
Often a consumer does not know what his or her capacity is to service a particular loan. A consumer could only be aware of their capacity to make monthly payments for a particular loan. For example, a consumer may know that they are capable of paying say $2,000 a month for the purchase of a particular product or property. There thus remains a need for a method and system to estimate a consumer's buying capacity, and based on which estimate there remains a further need to provide the consumer with product or property sets available based on the consumer's capacity. There also remains a need for a method and system that matches lenders' pricing guidelines and available product or property sets with minimal entered consumer criteria. Embodiments of the present invention attempt to address the aforementioned need.